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v3.25.3

Property, plant and equipment including equipment held for lease | 9 Months Ended
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Sep. 30, 2025
Property, plant and equipment including equipment held for lease | Note 10. Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions).
|  | September 30, 2025 |  |  | December 31, 2024 |
Land, buildings and improvements |  | $ | 21,612 |  |  | $ | 20,735 |
Machinery and equipment |  |  | 33,611 |  |  |  | 32,475 |
Furniture, fixtures and other |  |  | 6,129 |  |  |  | 5,501 |
|  |  | 61,352 |  |  |  | 58,711 |
Accumulated depreciation |  |  | (30,616 | ) |  |  | (28,640 | )
|  | $ | 30,736 |  |  | $ | 30,071 |
A summary of property, plant and equipment of our railroad, utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.
|  | September 30, 2025 |  |  | December 31, 2024 |
Railroad: |  |  |  |  |  |
Land, track structure and other roadway |  | $ | 75,996 |  |  | $ | 74,093 |
Locomotives, freight cars and other equipment |  |  | 15,591 |  |  |  | 15,766 |
Construction in progress |  |  | 2,203 |  |  |  | 1,813 |
|  |  | 93,790 |  |  |  | 91,672 |
Accumulated depreciation |  |  | (21,965 | ) |  |  | (20,411 | )
|  |  | 71,825 |  |  |  | 71,261 |
Utilities and energy: |  |  |  |  |  |
Utility generation, transmission and distribution systems |  |  | 106,751 |  |  |  | 103,015 |
Interstate natural gas pipeline assets |  |  | 20,646 |  |  |  | 20,237 |
Independent power plants and other |  |  | 15,619 |  |  |  | 14,840 |
Construction in progress |  |  | 11,845 |  |  |  | 8,793 |
|  |  | 154,861 |  |  |  | 146,885 |
Accumulated depreciation |  |  | (45,107 | ) |  |  | (43,116 | )
|  |  | 109,754 |  |  |  | 103,769 |
|  | $ | 181,579 |  |  | $ | 175,030 |
Property, plant and equipment depreciation expense for the first nine months of 2025 and 2024 is summarized below (in millions).
|  | 2025 |  |  | 2024 |
Insurance and other |  | $ | 2,366 |  |  | $ | 2,316 |
Railroad, utilities and energy |  |  | 5,121 |  |  |  | 4,859 |
|  | $ | 7,487 |  |  | $ | 7,175 |
Equipment held for lease [Member] |
Property, plant and equipment including equipment held for lease | Note 11. Equipment held for lease Equipment held for lease includes railcars, aircraft and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).
| September 30, 2025 |  |  | December 31, 2024 |
Railcars | $ | 10,292 |  |  | $ | 10,137 |
Aircraft |  | 15,303 |  |  |  | 14,201 |
Other |  | 5,724 |  |  |  | 5,686 |
|  | 31,319 |  |  |  | 30,024 |
Accumulated depreciation |  | (13,069 | ) |  |  | (12,196 | )
| $ | 18,250 |  |  | $ | 17,828 |
Depreciation expense on equipment held for lease in the first nine months was $1,134 million in 2025 and $1,054 million in 2024. Fixed and variable operating lease revenues are summarized below (in millions).
| Third Quarter |  |  | First Nine Months |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fixed lease revenue | $ | 1,743 |  |  | $ | 1,637 |  |  | $ | 5,163 |  |  | $ | 4,801 |
Variable lease revenue |  | 770 |  |  |  | 678 |  |  |  | 2,290 |  |  |  | 2,044 |
| $ | 2,513 |  |  | $ | 2,315 |  |  | $ | 7,453 |  |  | $ | 6,845 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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